Central Pacific Financial posts $8.2M Q3 profit

Central Pacific Financial Corp., parent of Hawaii-based Central Pacific Bank, reported a third quarter profit of $8.2 million, or 23 cents per diluted share, compared to a profit of $10.2 million, or 24 cents per diluted share, for the same quarter last year.

Central Pacific Financial (NYSE: CPF) attributed the lower third quarter profit to non-recurring expenses, including $1.3 million in branch consolidation and relocation expenses, an income tax expense of $900,000 and income recovered on a previous counterparty loss of $600,000.

"We are pleased with another quarter of solid earnings performance, after normalizing the non-recurring income and expense items", Chairman and CEO John C. Dean said in a statement. "Loan and deposit growth continued to be strong as we focused on quality business development in our marketplace."

The bank's total assets grew to $4.75 billion as of Sept. 30, from $4.74 billion on Sept. 30, 2013, while total deposits grew to $4.05 billion as of Sept. 30, from $3.9 billion a year ago.

Total loans as leases as of Sept. 30 were $2.87 billion, an increase from $2.48 billion at the same point a year ago.